Base Metal Overnight -
Advisory Bazaar Info Services
Copper - Futures: Overnight, LME copper opened at $11,030.5/mt, hitting a high of $11,042/mt at the opening, then the center of copper prices declined all the way to a low of $10,917/mt, and finally closed at $11,000.5/mt, up 0.49%, with trading volume reaching 25,000 lots and open interest at 321,000 lots. Overnight, the most-traded SHFE copper 2512 contract opened at 88,160 yuan/mt, hitting a high of 88,270 yuan/mt at the opening, then the center of copper prices declined all the way to a low of 87,310 yuan/mt, and finally closed at 88,130 yuan/mt, up 0.22%, with trading volume reaching 117,000 lots and open interest at 287,000 lots.
Aluminium - Futures:During the night session on October 27, the most-traded SHFE aluminum contract opened at 21,315 yuan/mt, reached a highest price of 21,340 yuan/mt and a lowest price of 21,185 yuan/mt, and finally settled at 21,255 yuan/mt, down 0.49%. The night session showed a retreat from highs, with the price center pulling back after moving higher. Technically, the MA moving averages continued their bullish alignment (MA5: 21,270.00 > MA10: 21,160.00 > MA20: 21,045.75 > MA60: 20,901.00). The MACD 4-hour candlestick showed some change in the red bars, maintaining a golden cross (DIFF: 109.10, DEA: 81.06). Trend-wise, SHFE aluminum remains in an upward channel but is experiencing a pullback. Considering recent highs and lows (low around 20,640, high around 21,365), the resistance is expected in the 21,350-21,550 range, with support in the 20,650-20,850 range.
Lead - Overnight, LME lead opened at $2,017/mt. With LME lead inventory continuing to destock and the US dollar index weakening, LME lead fluctuated upward for the second consecutive day, hitting an intraday high of $2,026.5/mt, reaching its highest level in over two weeks. It finally closed at $2,023.5/mt, up 0.35%. Recently, the overall trading center for LME lead has shifted higher, marking seven consecutive days of gains. Overnight, the most-traded SHFE lead 2512 contract opened at 17,520 yuan/mt. Concentrated production cuts by medium and large domestic lead-acid battery enterprises and expectations of weaker lead consumption weighed on lead prices, causing SHFE lead to decline in a step-like pattern. It hit an intraday low of 17,405 yuan/mt before finally closing at 17,440 yuan/mt in the late session, down 0.43%. Its open interest fell to 82,756 lots, a decrease of 1,639 lots from the previous trading day.
Zinc - Futures: Overnight, LME zinc opened at $3,044/mt. It initially touched a low of $3,029/mt, then fluctuated upward basically along the daily average line, reaching an intraday high of $3,060/mt, and finally closed up at $3,058.5/mt, up $39/mt or 1.29%. Trading volume decreased to 10,796 lots, and open interest fell by 1,274 lots to 222,000 lots. Overnight, the most-traded SHFE zinc 2512 contract opened at 22,400 yuan/mt. It initially touched a high of 22,440 yuan/mt, then fluctuated basically around the daily average line. Although it dipped slightly to a low of 22,345 yuan/mt during the session, it subsequently rebounded near the daily average line, finally closing up at 22,410 yuan/mt, up 45 yuan/mt or 0.2%. Trading volume decreased to 54,980 lots, and open interest fell by 1,136 lots to 120,000 lots.
Tin - Futures: The most-traded SHFE tin contract (SN2511) pulled back after fluctuating at highs during the night session, closing at 285,350 yuan/mt, up 0.15% from the previous trading day.